Daily Market Update 12/3/12

Mortgage rates held steady Monday on mixed economic data.  This morning, Construction Spending rose 1.4%, beating expectations.  The Institute for Supply Management manufacturing index fell to 49.5, short of forecast.  Readings below 50.0 indicate contraction in the manufacturing sector.  In Europe, Germany indicated that they might accept principal reductions on Greek debt and Spain formally requested funds to recapitalize its banks.  No other key data will be released today.

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